Report5 December 2018Updated 6 months ago

Technology, the climate saviour?

The potential for technology to reduce energy-related CO2 emissions; download our new major report below

Executive summary

Technology could reduce energy-related CO2 emissions by 64% globally. This is close to the emissions reduction targets of 2050, but the 2030 targets are missed.

It will take time for new technologies to be implemented, while in the meantime the global economy continues to grow. ING has analysed technological developments in energy-intensive sectors.

The report addresses technologies for energy efficiency, electrification and renewables, and presents ING’s ‘Positive Tech Scenario’. The Paris Agreement climate targets for 2030 will be missed, but technology can reduce energy-related carbon emissions from 33 gigatons to 12 by 2050 (-64%) As such, technology can deliver a low carbon economy towards 2050.

ING’s Positive Tech Scenario allows for continued economic growth, absorbs increases in the global population and aspirational middle classes. These trends could increase energy-related emissions by 34 gigatons. Energy efficiency reduces emissions by 35 gigatons. Electrification and a shift towards renewables add another 20 gigatons.